The Nigerian naira traded within a relatively stable range against the United States dollar on Monday, May 11, 2026, with the official Nigerian Foreign Exchange Market (NFEM) rate hovering around ₦1,361/$, while the parallel market exchanged between ₦1,395 and ₦1,405 per dollar amid sustained forex interventions and cautious market sentiment.
Data obtained from the Central Bank of Nigeria’s exchange rate portal showed that the official NFEM window recorded fluctuations between approximately ₦1,355 and ₦1,366 to the dollar during the latest trading session.
Market forces driven by demand and supply dynamics continued to influence trading activities.
In the parallel market, also known as the black market, Bureau De Change operators in Lagos and Abuja bought the dollar at around ₦1,385 and sold between ₦1,395 and ₦1,405, depending on location and transaction volume.
Narrow Gap Signals Improved Liquidity
Market analysts said the relatively small gap between the official and parallel market rates reflects improved liquidity within the formal forex market and ongoing efforts by the Central Bank of Nigeria to stabilise the naira.
Recent trading sessions also showed that the naira posted marginal gains at the NFEM window, supported by stronger turnover and increased market activity across the official market.
Demand Pressure Persists
Despite the relative stability in the official market, currency traders noted that demand for foreign exchange remains high among importers, travellers, and businesses making offshore payments.
The sustained pressure for dollars has continued to keep the parallel market active, even as authorities intensify measures aimed at improving forex supply and boosting confidence in the naira.
